Opening a Bank Account in Korea as a Foreigner: Step-by-Step Guide

What You Need to Know Before Opening a Korean Bank Account

1. Can Foreigners Open Bank Accounts in Korea?

Yes! Foreigners can open a bank account in Korea.
However, there are a few important conditions:

  • You must have a valid passport.

  • Most banks require an Alien Registration Card (ARC).

  • Some banks allow account opening without ARC, but with restrictions.

Having an ARC makes the process smoother and gives you access to full banking services.

2. Required Documents for Opening a Bank Account

Here’s what you usually need:

  • Passport (essential)

  • Alien Registration Card (ARC)

  • Korean phone number (SIM card)

  • Proof of address (such as a lease agreement)

  • Employment certificate or student ID (sometimes requested)

Tip: Some banks may ask for additional documents depending on the type of account you open.

3. Best Banks for Foreigners in Korea

Bank Features
KEB Hana Bank English service, foreigner-friendly
Woori Bank Easy mobile banking setup
Shinhan Bank Great online banking options
KB Kookmin Bank Convenient branches everywhere

KEB Hana Bank is often the top pick for expats because of its dedicated services in English and other languages.

4. Step-by-Step: How to Open Your Account

  • Step 1: Choose your bank and nearest branch.

  • Step 2: Visit the branch with your documents.

  • Step 3: Fill out the application form (help is usually available in English).

  • Step 4: Select your account type (basic savings, salary account, etc.).

  • Step 5: Get your bank card (immediate issuance in many cases).

  • Step 6: Set up mobile banking and online access.

The whole process usually takes about 30 minutes to 1 hour.

5. Types of Bank Accounts You Can Open

Type Purpose
Savings Account Basic transactions, ATM access
Salary Account Receiving wages/salaries
Fixed Deposit Account Saving money for higher interest

Most foreigners start with a basic savings account and upgrade later if needed.

6. Important Tips for Banking in Korea

  • Korean banks operate typically from 9:00 AM to 4:00 PM (Monday–Friday).

  • Bring enough cash to make an initial deposit (around 10,000 KRW minimum).

  • Bank apps often require a Korean phone number for SMS verification.

  • Some banks charge a small fee for ATM use after hours or at different banks.

Pro tip: Ask for international wire transfer services if you plan to send money abroad.

7. Alternatives: Digital Banks for Foreigners

If you prefer hassle-free setup, consider digital banks like:

  • KakaoBank (Korean only, but easy for those with basic language skills)

  • Toss Bank (Simple signup process)

However, digital banks often still require a Korean ID (ARC) to register.


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